Three properties in one
A receiver has moved on a third Gold Coast property owned by developer Edward Masterson, this time a Miami holding that has health-food group Flannerys as its sole existing tenant.
The joint owner of Synergy Property Partners has owned the 44 Pacific Ave since early 2023, when he paid $7 million for it.
Mr Masterson late last year lost control of another Miami industrial property and a highway-front site at Burleigh Heads, both sold by a receiver.
He is facing court action, initiated in October by the Sentinel Property Group, over claimed debts.
In the same month the 44 Pacific Pde property fell under the control of Costas Nicodemou, of Sydney’s Newpoint Advisory.
It is to be auctioned on February 29 via Steven King and Matthew Adcock of Colliers, the agency that handled the earlier Masterson sales. The property is an amalgamation of three properties – 44-48 Pacific Ave and 19 Ozone Pde.
It was bought via Masterson entity Lexington SPV 1 and at the time had an axe-throwing club and Pacific Avenue Markets as tenants.
The site was bought with demolition clauses in place for the leased buildings.
A two-stage redevelopment was planned, with stage one, a $1 million revamp of the exterior of one building, completed by the receiver in December.
That building is leased to Flannerys for 10 years, with a seven-year renewal option, for a net $202,000 a year.
Other buildings on the land are vacant and a under a second stage of redevelopment 14 tenancies, both at ground level and on the first floor, were proposed for the building neighbouring Flannerys.
A warehouse at the rear of the site would be removed to provide additional parking.
There were mixed results from the earlier sell-off of Masterson properties.
A property on the corner of the highway and Fifth Ave at Burleigh Heads, bought for $5.595 million, sold for $6.15 million.
An industrial property at 9 Ozone Pde, Miami, which cost Mr Masterson $1.78 million in 2022, fetched $1.8 million.
Synergy Property Partners built luxury oceanfront Burleigh boutique apartment building North in 2016.